Real estate developer Nicholas Prouty said a cryptocurrency bank may start operating in a year in Puerto Rico, which will also create the cash reserve needed to back Tether, a coin that was designed to create stability in the virtual coin market.

During the annual Puerto Rico Investment Summit, Prouty confirmed the truth of the claim about the lack of a bank reserve, noting the bank Tether officials were working with opted to back out of the deal to avoid liability.

He said Tether officials needed to purchase a bank to obtain “the capital infusion from a sovereign wealth fund to create the initial reserve. It will begin banking crypto soon. After speaking with these guys, it should take about a year before this bank can replace some lenders as a large financing entity for the Puerto Rican market.”

A cryptocurrency startup named LoopX has pulled an exit scam after collecting around $4.5 million from users during an ICO (Initial Coin Offering) held for the past weeks.

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Five years ago, Matthew Moody was killed during an observational flight when the two-seater plane he was in crashed flying over a canyon in Chico, California.

His father, Michael Moody, knew his 26-year-old son had been mining Bitcoins — today worth thousands of dollars each — but had no idea how many he had or how to find them. Michael Moody has spent the past three years seeking the answers.

“My son was actually one of the earliest people to mine it,” said Moody, a retired software engineer. “He used his computer at home to mine Bitcoins when you actually could do it that way and he had a few we think.”

The decentralized and unregulated nature of Bitcoin means that without the keys to access his son’s digital wallet, hosted by blockchain.info, Moody has no way of accessing any funds.

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Early data from one popular tax preparation service shows that only a minuscule proportion—just .04%—of U.S. tax filers have reported their cryptocurrency gains and losses to the Internal Revenue Service so far this year. That’s far fewer than the 7% of Americans who are estimated to own Bitcoin or another cryptocurrency, and who are likely to owe taxes to the IRS on those investments.

Of the first 250,000 people to file their tax returns using Credit Karma, fewer than 100 of them disclosed any taxable event for cryptocurrency. Of those, only a single person disclosed a crypto gain or loss big enough to be “significant,” according to Credit Karma, a free credit-monitoring startup.

A growing number of Coinbase customers are complaining that the cryptocurrency exchange withdrew unauthorized money out of their accounts. In some cases, this drained their linked bank accounts below zero, resulting in overdraft charges.

In a typical anecdote posted on Reddit, one user said they purchased Bitcoin, Ether, and Litecoin for a total of $300 on February 9th. A few days later, the transactions repeated five times for a total of $1,500, even though the user had not made any more purchases. That was enough to clear out this user’s bank account, they said, resulting in fees.